Ukraine: OTP Bank sees fall in net profit in Q1 2017

Its net interest income narrowed by 37.5%, to UAH 483.17 million. Not taking into account spending on reserves, net interest income totaled UA 447.34 million (up by 18.8% YoY).

Commission income grew by 22.1%, to UAH 249.063 million.

The bank also saw UAH 49.692 million of profit from transactions with foreign currency compared to UAH 83.095 million of loss a year ago.

Operating expenses grew by 9.9%, to UAH 325.849 million.

Assets rose by 6.5%, to UAH 26.441 billion, and the credit portfolio dropped by 2.4%, to UAH 14.862 billion.

The bank’s deposit portfolio grew by 5.1%, to UAH 22.913 billion.

OTP Bank was founded in 1998. Its sole shareholder is Hungary’s OTP Bank Plc. OTP Bank is part of OPT banking group, which also includes OTP Factoring Ukraine LLC, AMC OTP Capital, OTP Leasing LLC, and OTP Credit LLC.

OTP Bank ranked 13th among 93 banks operating in the country on January 1, 2017 by total assets (UAH 24.831 billion), according to the National Bank of Ukraine. (Interfax-Ukraine/Business World Magazine)